India aims to achieve an ambitious goal of $2 trillion in annual exports by 2030 and position itself as a global trading hub akin to Dubai and Singapore, which facilitate trade between producers and consumers by relying on their infrastructure and business-friendly environment.
The government’s new Foreign Trade Policy (FTP) 2023 aims to develop India as a significant merchanting trade hub by incorporating rules for such trade. Merchanting trade involves the shipment of goods from one foreign country to another foreign country through an Indian intermediary but without touching Indian ports.
“Third-party exports are a big exporting activity in places like Dubai, Singapore and Hong Kong. Because we didn’t have a clear policy on how merchanting trading would happen for restricted and prohibited items, RBI and bankers were reluctant to deal with this. We, for the first time ever, are putting an explicit provision in our FTP for merchanting trade," director general of foreign trade (DGFT) Santosh Kumar Sarangi told reporters on Friday after unveiling the policy. “Using these intermediaries based in India can export items from a second country to a third country without touching ports of India. This is likely to help India in making itself a big trading hub in the future," Sarangi added.
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